JACKSONVILLE, Fla., April 30, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT) through its operating subsidiary Duos Technologies, Inc. a provider of Machine Vision and Artificial Intelligence ("AI") to analyze fast moving freight, passenger and transit trains and trucks, today announced the re-appointment of Adrian Goldfarb as Chief Financial Officer, effective April 29, 2024, following the departure of Andrew Murphy who has been recruited by another company to ...

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Financial Data and Key Metrics Changes - Total revenue for Q4 2023 decreased 76% to $1.52 million compared to $6.35 million in Q4 2022, and total revenue for the year decreased 50% compared to 2022 [5][29] - Net operating loss for Q4 2023 totaled $3 million compared to a net operating loss of approximately $1 million for Q4 2022, with the annual loss increasing from $6.8 million in 2022 to $11.4 million in 2023 [8][29] - Gross margin in Q4 2023 decreased 89% to $303,000 compared to $2.67 million in Q4 2022, with a 72% decrease for the year [27][29] Business Line Data and Key Metrics Changes - Underlying recurring revenues increased by approximately 23% year-over-year, driven by the expansion of service contracts and deployment of AI services [5] - Cost of revenues for services and consulting decreased by 4% year-over-year, despite a small increase in revenues for this category [6] - Operating expenses for Q4 2023 increased 20% to $3.31 million compared to $2.76 million for Q4 2022, with a 12% increase in sales and marketing expenses [7] Market Data and Key Metrics Changes - The company ended the year with approximately $3.27 million in cash and cash equivalents, alongside $1 million in receivables and $1.35 million in contract assets [9][30] - The current backlog remains steady at around $6.6 million, with over $100 million in opportunities expected to drive growth [17][31] Company Strategy and Development Direction - The company is transitioning from a CapEx-only model to a technology-focused subscription business with steady recurring revenue [24][60] - There is a focus on diversifying into other verticals within the AI and machine vision sectors, with ongoing discussions with telecommunications companies [35][50] - The company aims to enhance its position in the AI value chain and has made significant advances in its artificial intelligence portfolio [14][36] Management's Comments on Operating Environment and Future Outlook - Management anticipates improved performance for 2024 despite challenges faced in 2023 due to project delays [2][11] - The company remains strongly positioned within the rail sector and is optimistic about the long-term nature of its contracts [25][31] - Management highlighted the importance of converting positive reactions from demonstrations of technology into contracts to grow revenue and profits [34][60] Other Important Information - The company has received a patent for the use of artificial intelligence to detect defects in trains, which is expected to add significant value [36] - Recent capital infusions have provided the company with the necessary support to execute its near-term plans [10][30] Q&A Session Summary Question: What is the regulatory environment following the East Palestine incident? - Management indicated that the strategy to expand technology does not rely on the passage of the Railway Safety Act, and there has been increased commercial activity since the incident [20] Question: Has Duos been awarded any Crisi-related projects? - Management confirmed that they cannot confirm any awards related to Crisi projects but noted that several existing and potential customers are expecting to receive Crisi funding, which may benefit the company in 2024 [42]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ——————— FORM 10-K ——————— ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: _____________ to _____________ Florida 65-0493217 (State or Other Jurisdiction of Incorporation) (I.R.S. Employer Identification No.) 7660 Centurion Parkway, Suite 100 Jack ...

Duos Technologies Group, Inc. (NASDAQ:DUOT) Q3 2023 Earnings Conference Call November 14, 2023 4:30 PM ET Company Participants Chuck Ferry - Chief Executive Officer Andrew Murphy - Chief Financial Officer Conference Call Participants Owen Rickert - Northland Securities Operator Good afternoon. Welcome to Duos Technologies Third Quarter 2023 Earnings Conference Call. Joining us for today's call are Duos' CEO, Chuck Ferry; and CFO, Andrew Murphy. Following their remarks, we will open the line for your questio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 000-55497 Duos Technologies Group, Inc. (Exact name of registrant as specified in its charter) (State or ...

Duos Technologies Group, Inc. (NASDAQ:DUOT) Q2 2023 Earnings Conference Call August 14, 2023 4:30 PM ET Company Participants Chuck Ferry - CEO and Director Andrew Murphy - CFO Conference Call Participants Aditya Dagaonkar - Northland Capital Edward Woo - Ascendiant Capital Markets Operator Good afternoon. Welcome to Duos Technologies Second Quarter 2023 Earnings Conference Call. Joining us for today's call are Duos' CEO, Chuck Ferry; and CFO, Andrew Murphy. Following their remarks, we will open the line for ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR Commission file number 000-55497 Duos Technologies Group, Inc. (Exact name of registrant as specified in its charter) (State or other ...

Duos Technologies Group, Inc. (NASDAQ:DUOT) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET Company Participants Chuck Ferry - CEO & Director Andrew Murphy - CFO Conference Call Participants Michael Latimore - Northland Capital Markets Edward Woo - Ascendiant Capital Operator Good afternoon. Welcome to Duos Technologies First Quarter 2023 Earnings Conference Call. Joining us for today's call are Duos' CEO, Chuck Ferry, and CFO, Andrew Murphy. Following their remarks, we will open the line for your ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 000-55497 Duos Technologies Group, Inc. (Exact name of registrant as specified in its charter) (State or othe ...